By Friday evening, the ruble could not withstand the flow of negativity: the national currency was slowly depreciating due to the situation in Belarus, and the drop in oil prices on Friday increased the pressure on the ruble.
The euro rate on the Moscow Exchange exceeded 88 rubles in the afternoon and by 17:00 Moscow time rose by 70 kopecks to 88.30 rubles, according to trading data. The last time the euro was so expensive was during the crisis period on March 30, 2020.
By 17:00 Moscow time, the dollar exceeded 75 rubles and rose in price by 1.21 rubles on Friday – to the level of restless trading days in April and May. Over the week, the dollar has risen in price by almost 2 rubles and almost all of this growth occurred on Thursday-Friday. The euro rose in price during the whole working week and by Friday evening it added almost three rubles.
By the evening of Friday in the red zone, quotes flashed on the commodity markets. Oil on world exchanges fell by this time by the dollar, or almost 2%. European benchmark Brent is trading at $ 44 per barrel, American WTI – $ 42 per barrel.
By the end of the week, the ruble was again among the leaders in the decline in currencies in developing countries due to geopolitics: there remains the risk of US and EU intervention in the situation in Belarus, which may provoke a reaction from Russia within the framework of the Union State and the CSTO, and a new round of sanctions.
On Friday, on Friday, the strengthening of the dollar prevails on the foreign exchange sites of emerging markets, although there are exceptions: for example, the currencies of Turkey and India were growing during the day. Risk appetite in emerging markets did not last after another support from the People’s Bank of China, which on Friday injected 200 billion yuan into the banking sector through two-week repo transactions.
“The Russian ruble is declining on Friday with a number of other EM currencies, but its losses exceed the decline of most of its colleagues. This is facilitated by both the morning correction in oil prices and the continuing tense geopolitical background. In general, the geopolitical pressure on the ruble was observed throughout the past week. during which the Russian currency was among the leaders of the decline, practically not noticing the sale of foreign currency earnings by exporters for the tax payments due next week, “said Yuri Kravchenko, Head of the Banks and Money Market Analysis Department at VELES Capital.
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